70-9-809. Payment or delivery of abandoned property.
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/mt/title-70/chapter-9/part-8/70-9-809A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
70-9-809 . Payment or delivery of abandoned property.
(1)Except for property held in a safe deposit box or other safekeeping depository, upon filing the report required by 70-9-808 , the holder of property presumed abandoned shall pay, deliver, or cause to be paid or delivered to the administrator the property described in the report as unclaimed; however, if the property is an automatically renewable deposit and a penalty or forfeiture in the payment of interest would result, the time for compliance is extended until a penalty or forfeiture would no longer result. Tangible property held in a safe deposit box or other safekeeping depository may not be delivered to the administrator until 60 days after filing the report required by 70-9-808.
(2)If the property reported to the administrator is a security or security entitlement under Title 30, chapter 8, the administrator is an appropriate person to make an endorsement, instruction, or entitlement order on behalf of the apparent owner to invoke the duty of the issuer or its transfer agent or the securities intermediary to transfer or dispose of the security or the security entitlement in accordance with Title 30, chapter 8.
(3)If the property reported to the administrator is a virtual currency, the holder shall liquidate the virtual currency within 30 days of filing the report and remit the proceeds in United States currency to the administrator. The holder may not sell a virtual currency for less than the price prevailing on an established virtual currency exchange at the time of the sale. The holder may sell a virtual currency not listed on an established virtual currency exchange by any commercially reasonable method. Prior to selling a virtual currency, the holder shall send written notice to the apparent owner not less than 60 days before the sale that the virtual currency will be liquidated.
(4)An issuer, the holder, and any transfer agent or other person acting pursuant to the instructions of and on behalf of the issuer or holder in accordance with this section is not liable to the apparent owner and must be indemnified against claims of any person in accordance with 70-9-811 .